Pacifico Energy Korea has secured approval for an electricity business license from the Ministry of Trade, Industry and Energy for its 420MW Myeong Ryang Offshore Wind Project located off the coast of Jindo County, South Jeolla Province, the company announced on Oct. 1.
The EBL confirms the project’s site boundaries and capacity, allowing Pacifico Energy Korea to commence the key permitting process. This milestone is also expected to accelerate Pacifico Energy Korea’s development of the 3.2GW Jindo offshore wind project cluster.
Pacifico Energy Korea is currently developing the 3.2GW Jindo offshore wind project cluster, consisting of three projects: Myeong Ryang Offshore Wind (420MW), Manho Offshore Wind (990MW), and Jindo Baram Offshore Wind (1.8GW). Together, they represent the largest offshore wind project cluster in a single area being pursued by a single developer in the Asia-Pacific region. The Myeong Ryang Offshore Wind Project marks the first phase of this cluster.
To ensure the successful development of the project, Pacifico Energy Korea has held regular offshore wind briefing sessions for local residents and fishermen in the project area since 2022 and established a “Regional Consultative Group” through a mutual agreement with the local community. Last year, the company signed an investment declaration with MOTIE for a 480 billion won ($348 million) commitment. In June of this year, Pacifico Energy Korea further signed a “Cooperation Agreement for the Development of the Offshore Wind Industry and Revitalization of the Daebul Industrial Complex” with three local governments – South Jeolla Province, Jindo County, and Yeongam County – continuing its efforts to invest in the Myeong Ryang Offshore Wind project and to vitalize the offshore wind supply chain in South Jeolla Province.
The next steps for the project include the expedited commencement of geotechnical surveys on the site in the fourth quarter of this year, followed by the environmental impact assessment, maritime safety assessment, and other key permitting procedures. The project is expected to begin construction in 2030 and commence commercial operations end of 2033.
Choe Seung-ho, representative director of Pacifico Energy Korea, stated: “This EBL marks a major step forward for Pacifico Energy Korea in developing the 3.2GW Jindo offshore wind project cluster — one of the largest offshore wind project clusters of its kind in the Asia-Pacific region. We will continue to work closely with South Jeolla Province, Jindo County, and the local community to ensure the successful development of the Myeong Ryang Offshore Wind Project.”
He added, “With the global rise of AI, data centers, and the RE100 initiative, ‘clean energy’ has become a cornerstone to national competitiveness. Pacifico Energy, having focused on delivering renewable energy on a transformative scale, remains committed to contributing to Korea’s clean, renewable energy goals. To that end, we will accelerate the development of the second-phase Manho Offshore Wind Project and the third-phase Jindo Baram Offshore Wind Project.”
Pacifico Energy Korea expects that, once developed, the 3.2GW Jindo offshore wind project cluster will play a crucial role not only in revitalizing the local economy and creating jobs, but also in supporting the establishment of RE100 industrial complexes and the advancement of the offshore wind supply chain in South Jeolla Province.
Pacifico Energy Group is a U.S.-based renewable energy company leading carbon neutrality and clean energy transition of the emerging Asia-Pacific market with a market-leading presence in Korea, Japan, and Vietnam. In the Asia-Pacific region alone, Pacifico Energy has over 1.5GW of renewable energy projects in operation or under construction, along with a pipeline of over 10 GW of offshore wind projects under development. In 2018, Pacifico Energy became the first U.S. energy company to enter Korea’s offshore wind market by establishing its local subsidiary, Pacifico Energy Korea.
Source:Business Korea
